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How to Modify Contract Leasing

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In this video from Accounting Academy, Fitz introduces the topic of lease modifications with the help of his dog FIFO. The focus is on assisting their friend Paul, who owns a chain of veterinary clinics called Pet Vet. Paul is confused about how to account for changes in his leases due to an expansion at one of his clinics, where he is adding an additional thousand square feet at a higher market rate. Fitz initiates a discussion to explore the accounting implications of this expansion and its associated costs compared to the original lease terms.

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Which two conditions must be met for a contract modification to be accounted for as a new lease?

The two criteria are: The modification grants the lessee an additional right-of-use not specified in the original lease (for example, the right to use additional assets or additional floors/space in a building)

What is effective date of lease modification?

Lease modifications are accounted for at the effective date of the lease modification. This is the date on which both parties agree to the lease modification. For modifications that are not accounted for as separate leases, the lease liability and right-of-use asset are remeasured at this date.

How do you account for lease modifications?

A lessors accounting for a lease modification depends on the type of modification made to the lease. Depending on the changes made to the lease contract, a lease modification can result in either a separate new contract (i.e., accounted for separate from the original contract) or a new modified contract.

What is a lease modification ASC 842?

A lease modification is a change to the terms and conditions of a contract that results in a change in the scope of or the consideration for a lease (for example, a change to the terms and conditions of the contract that adds or terminates the right to use one or more underlying assets or extends or shortens the

What is an amendment to the contract of lease?

A Lease Amendment is used to modify an existing Lease Agreement between a tenant and landlord by adding or removing clauses or changing existing clauses. An amendment allows the parties to change the terms without signing a new Lease Agreement.

What qualifies as a lease modification?

A lease modification includes adding or terminating the right to use one or more underlying assets, or extending or shortening the contractual lease term.

When should a lessee account for a lease modification?

The new lease is recorded on the commencement date of the new lease, which is the date the lessee has access to the leased asset. For example, if a lessee modifies a lease to use additional space in a building, the new lease should be recorded once that space is available for use.

When there is a lease modification it should be accounted for as a separate lease if?

As can be seen from the diagram above, a modification will only be treated as a separate lease if it involves the addition of one or more underlying assets at a price that is commensurate with the standalone price of the increase in scope. 1 All other modifications are not accounted for as a separate lease.

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Modify Contract Leasing